Retailers only know 15% to 27% of their visitors, on average, which means 85% of potential customers are flying under the radar.
That's a prime findings of Bluecore's eighth annual 2024 Customer Growth Benchmark report on how retailers are performing when it comes to identifying anonymous visitors and turning them into buyers.
According to the benchmarks, while many retailers and brands still are not aware of each individual visitor, the ones that are identifying them at a higher level are also seeing an increase in repeat purchases and revenue, according to a press release on the report's findings.
Retailers with high ID rates are seeing repeat purchase rates 53% higher than the standard, compared to companies that either don't identify consumers or do it minimally.
Additional findings include:
- Retailers across the board are seeing average spend leap by 69% between first and subsequent purchases.
- On average, only 17% of consumers buy twice from the same retailer in one year, but some verticals see more repeat purchases than others.
"One of the most valuable assets any retailer or brand has is its customer file. That's why the organizations growing in a challenging climate like today's have invested in increasing identification rates," Jason Grunberg, CMO of Bluecore, said in the release. "Knowing who their shoppers are gives them the means to execute precision strategies and tactics that create incremental revenue from new, active and even inactive customers. This year's benchmarks confirm that when retailers are able to identify their shoppers, they put themselves in a position to influence high-value behaviors that not only drive repeat purchases but also set the stage for long-term customer relationships."